Apple iTablet, iPhone OS 4 on Tap?

Apple is holding a press event on Jan. 27 and the industry is buzzing with expectations of an "iTablet." The invitations reveal little for what's in store, but beyond a tablet PC, could the iPhone OS 4 be revealed?

Apple has begun sending out invitations to the press for a product launch next week in San Francisco, an event that had better be for the worst-kept secret in the Silicon Valley -- the rumored Apple tablet PC -- or it will be the biggest letdown in history.

The invitation itself reveals little. Sporting a multicolor paint-splatter graphic with the Apple (NASDAQ: AAPL) logo in the middle, the invite reads: "Come see our latest creation. Please join us for an invitation-only event at the Yerba Buena Center for the Arts Theater in San Francisco on Jan. 27 at 10:00 a.m. Registration begins at 9 a.m. Please arrive early."

Not surprisingly, the Apple blogosphere is going nuts, staring into the Pollock-esque color-splotched artwork to search for some sort of confirmation on what consensus believes will be the unveiling of a tablet device -- reportedly named iSlate or iTablet.

Yet there is likely to be more news, as big as the main event itself. For one thing, a growing rumor is that iPhone OS 4 will make its debut at the event, but not with a new iPhone.

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